Lehman administrators win CLN case in Korea

Viren Vaghela
01 Mar 2011

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On February 11, the Seoul District Court dismissed a claim brought by TrueFriend, an assignee of Korea Investment & Securities (KIS), against Lehman Brothers International Europe (LBIE), seeking to recover 350 billion won ($314 million) of losses it incurred on the purchase of credit-linked notes (CLNs) dating back to November 2006.

The case centres around the purchase by KIS of CLNs – securities with embedded credit default swaps, which allow the issuer to transfer a specific credit risk to

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